China

Chinese state-owned commodity chemicals producer Shanghai Huayi (Group) Co has sold an almost 10 times covered five year bond, while Yuzhou Properties Co raised $500m to fund a tender offer. Two local government financing vehicles also made their offshore debuts.

China’s FangDD Network Group has kicked off a roadshow for the listing of American Depository Shares (ADS) on the Nasdaq.

Investors have taken to Chinese education platform Youdao, covering its $101m IPO multiple times over days before the end of bookbuilding, according to a source close to the deal.

Power Construction Corp of China (PowerChina) took advantage of the growing popularity of perpetual bonds to raise $300m on Tuesday.

Asian issuers tend to treat the 144A market as little more than a sideshow, rarely putting in the extra work to bring their deals to US investors. That needs to change.

Genius Auto Finance has taken home Rmb4bn ($565m) from its third auto loan ABS of the year, scrapping the mezzanine tranche and boosting the size of the subordinated portion. The issuer achieved slightly tighter yields on both senior tranches compared to its previous trade.

China Resources Land has raised HK$6.73bn ($858m) after issuing a chunk of shares in a top-up placement.

Chinese regulators are planning to rate the bond underwriting ability of securities firms. That may appear a sensible solution to an exchange bond market that has become cutthroat and chaotic. But the proposed solution is too vague to have much impact.

China Jushi, which makes fibreglass, is seeking a $150m debut borrowing through sole mandated lead arranger and bookrunner Standard Chartered.

China Huarong Financial Leasing Co and two local government financing vehicles (LGFVs) based in the coastal province of Jiangsu came to the offshore bond market to raise $300m each.

Small appliance maker JS Global Lifestyle Co has opened the books for a Hong Kong IPO. It hopes to raise up to HK$3.6bn ($462.1m), according to a source close to the deal.

The Shanghai Stock Exchange (SSE) published the eligibility criteria for Hong Kong-listed dual-class shares to be included in the southbound Stock Connect scheme.